15 Tax Deductions for Homeowners in 2025
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NEW YORK - Nyenta -- Itemizing your taxes is great when you are a homeowner. As you file taxes for the 2024 tax year, there are some deductions you may be able to take and others that you cannot. The standard deduction for the 2024 tax year is $29,200 for married couples filing jointly; $14,600 for single filers and married individuals filing separately; and $21,900 for heads of households.

Here are 15 more deductions you may take to increase your refund or the amount of taxes you owe.

1. Mortgage Interest Deduction
You can deduct home mortgage interest on the first $750,000 of a mortgage ($375,000 if married but filing separately) of indebtedness. Higher limits apply, up to $1 million ($500,000 if married but filing separately) for indebtedness that began 2017 or earlier. [4]

2. Home Equity Loan (HELOC) and Interest
You can make deductions on a home equity loan, only if the money was used to substantially improve the home or if the loan was used to buy or build a residence for that taxpayer.

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Only prior to 2018, was interest tax deductible for any purpose.

Do you have a second mortgage loan on your home? A second mortgage is a type of home equity loan. Again, the second mortgage needs to be used to improve the residence substantially to fully qualify for deductions. [1]

3. Discount Points on a Mortgage
When you buy a home, you are given the opportunity to pay down your interest rate with what are called "discount points." The great thing about discount points is that not only do they save you money in the long run (if you keep the home for many years, that is), and you can deduct those discount points from your taxes. If you're not sure if you purchased discount points, it'll be listed in your mortgage contract.

4. Homestead Exemption
Many states allow people to take an extra deduction on property taxes for the home ...

For the full article and all 11 more types of deductions, visit https://smartfinancial.com/tax-deductions-homeowners